The Compliance survey
The emerging challenge of the conduct risk agenda is a focus for boards, according to the third biannual Deloitte survey of compliance officers in Jersey. The survey provides an insight into the current landscape of compliance matters within Jersey’s financial services industry.
Over 35 compliance officers from a range of regulated businesses took part in the survey, the fifth of its kind by Deloitte in the Channel Islands.
Deloitte reports that key challenges highlighted from the survey include how existing elements of ethics, financial crime, culture and good corporate governance are brought together into a holistic approach and framework.
Over 90 different conduct risks were highlighted by respondents who are working under scrutiny by regulators locally and overseas and with the additional pressure of the ongoing spotlight on activities in offshore jurisdictions.
Recruitment was again seen as a challenge with a number of businesses seeking to recruit into compliance. Whilst the overall level of vacancies was down from the last survey, the level of expected recruitment is higher than ever before and the challenge to recruit experienced and qualified compliance staff continues.
Deloitte observes that the use of consultants and outsourcing has also risen to 35% of participants reporting an increase in their use during the last 12 months, typically to meet the demands of business growth or to cover vacancies during recruitment.
The people agenda is increasing in priority for many of our survey participants.
The best defence against a breakdown in controls is regarded as the mindset and actions of every individual supporting the compliance agenda and its felt that this needs to be automatic and intuitive.
The conduct agenda will continue to be of central importance for the board, not only to ensure good business practices but also to support both the recruitment and retention of the right people.
‘The role of compliance has never been more significant and we believe the survey findings underscore Jersey’s status as a leading offshore financial centre,’ says Andy Isham, Partner, Deloitte.
Read past editions of our Compliance Survey:
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For further insights into the UK Compliance agenda, read our Corporate Regulatory and Ethics Research findings.